MSRB files new time of trade disclosure requirements with the SEC

The Municipal Securities Rulemaking Board has filed amendments to its Rule G-47 on time of trade disclosure with the Securities and Exchange Commission, which would add three new disclosure scenarios, update its definition of materiality in relation to the rule, and provide a few clarifying details as supplementary material.

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Norfolk, Virginia, has canceled its plans to call some of its outstanding Build America Bonds, according to a financial filing. Norfolk is the first issuer that has canceled its BAB refunding after several larger issuers have already redeemed their outstanding BABs despite investor pushback and warnings of potential lawsuits.

Check out our most recent Rising Stars and the second class of Muni Hall of Famers.

Detroit was upgraded Wednesday to investment grade by S&P Global Ratings, lifting Motown’s unlimited-tax general obligation debt to BBB from BB-plus. S&P’s upgrade follows an upgrade by Moody's Ratings in March to investment grade from junk.

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Huber Heights, Ohio, recently hit by a ransomware attack, is part of an escalating arms race between public sector organizations and hackers, one that is costing organizations more but has largely not resulted in bond rating impacts.?

Read the newest research from The Bond Buyer detailing the public finance industry’s views of the risks and opportunities in 2024.

A pair of San Francisco public finance attorneys, who worked on one of healthcare’s largest public finance deals at their previous firm, have been hired by Chapman and Cutler LLP. Mary Kimura joined the law firm as a partner, while Michele Dulik joins as senior counsel. They came over from Norton Rose Fulbright.

Long-term municipal bond sales dropped for the second straight year in 2023, but a late year surge of issuance raised hopes for a rebound. Learn more in The Bond Buyer’s annual review of municipal bond market statistics.

Municipals were weaker, but outperformed a large U.S. Treasury selloff after a hot inflation report showed Fed rate cuts would be pushed further out. "The news is sparking an equity market selloff while sending bond yields to the stars as investors dial down their Fed easing expectations again, this time to only two rate cuts this year," said José Torres, senior economist at Interactive Brokers.

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